A litigation funder facing a fraud investigation has asked a federal judge to rule that the U.S. Securities and Exchange Commission’s administrative enforcement proceedings against unregulated parties are unconstitutional.
In a suit filed Monday, Roni Dersovitz and his company, RD Legal Capital, have asked for a ruling that the SEC proceedings against them violate their due process rights and that appointment of SEC administrative law judges violates the appointments clause in Article II of the Constitution. The suit also seeks a ruling that the SEC’s administrative civil penalty enforcement actions are unconstitutional toward individuals such as Dersovitz who are not subject to SEC regulations.
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